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Speaker 1: Welcome to the Bloomberg P and L Podcast. I'm Pim

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Speaker 1: Fox along with my co host Lisa A. Brahmowitz. Each

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Speaker 1: day we bring you the most important, noteworthy, and useful

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Speaker 1: interviews for you and your money, whether you're at the

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Speaker 1: grocery store or the trading floor. Find the Bloomberg P

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Speaker 1: and L Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com.

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Speaker 1: President Donald Trump said that he had a quote very

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Speaker 1: good conversation with President j Ping of China that signaled

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Speaker 1: progress in the nation's trade dispute. Now, this came just

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Speaker 1: hours before federal prosecutors unsealed charges against the Chinese technology

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Speaker 1: firm for allegedly stealing trade secrets. Here to tell us

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Speaker 1: more about the US China trade relationship is Mike McDonough,

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Speaker 1: chief economist for financial Products for Bloomberg LP, and he

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Speaker 1: joins us here in studio. Mike, what can you tell

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Speaker 1: us about the information so far regarding US China trade negotiations. Well,

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Speaker 1: we don't have a lot of information as it relates

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Speaker 1: to this new development, but um, the timing is interesting.

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Speaker 1: You have to say right when you know when, when

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Speaker 1: the economy is growing strongly, when equity markets are going up. Uh,

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Speaker 1: it's kind of easy to be more hawkish on China,

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Speaker 1: right because you know things are going well, why not

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Speaker 1: you know? Um, then when you know, you start seeing

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Speaker 1: big sell off in the market, there's some concern about

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Speaker 1: what could happen with this US China relation. You have

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Speaker 1: a midterm election. Um, you know, I think that that

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Speaker 1: probably has something to do with the timing another words,

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Speaker 1: President Trump wanted to give some kind of jolt to markets,

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Speaker 1: to stock markets ahead of the election by indicating that

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Speaker 1: could deal. Yeah, let's take a big step back. Let's

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Speaker 1: take steps step back. Right. You have to say, one

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Speaker 1: thing that the Trump administration has done a really good

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Speaker 1: job of is bringing animal spirits back into the market.

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Speaker 1: That is, people become blindly optimistic about the future, willing

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Speaker 1: to invest in their companies, you know, grow companies, and

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Speaker 1: which is great for the economy. And that's been happening.

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Speaker 1: And you could track that really by the spread between

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Speaker 1: survey based data and heart economic data. Survey based data,

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Speaker 1: economic data confidence numbers. Business confidence has been off the

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Speaker 1: charts since President Trump has been elected. And I think

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Speaker 1: the whole Trump rally was really predicated on the fact

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Speaker 1: that there was an expectation for gradual fed tightening, tax reform, deregulation,

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Speaker 1: and the belief that there'd be no major disruption international trade.

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Speaker 1: Uh so you go back to Q one, Suddenly you

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Speaker 1: have a tariff on washing machines. So that whole premise

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Speaker 1: that there's going to be no actual disruption international trade

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Speaker 1: got shaken, and you saw the market sell off earlier

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Speaker 1: this year. But then what we saw we saw a

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Speaker 1: deal with the EU that wasn't really a win. It

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Speaker 1: wasn't really a deal. It was a one one thousandths

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Speaker 1: of what would have been agreed upon with t TIP,

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Speaker 1: which was a trade deal and investment deal already in

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Speaker 1: the works. But that made people say, okay, easy win there.

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Speaker 1: This we were maybe a right originally. Then you had

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Speaker 1: to deal with NAFTA with Mexico and that was a

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Speaker 1: fraction of what um TPP would have been. So people said,

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Speaker 1: we're over worrying about this, and you saw markets continue

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Speaker 1: to go up. But then people started realizing, wait a second,

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Speaker 1: it's not the same with China then. And part of

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Speaker 1: the reason is if you survey most Americans, the majority

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Speaker 1: would say there's something wrong with our trade relationship with China.

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Speaker 1: They might not be able to put their finger on

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Speaker 1: it well and in fairness, on both sides of the aisle.

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Speaker 1: People agree on that that there have been some some

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Speaker 1: profound imbalances there. Yeah, so that that has helped give

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Speaker 1: President the administration some runway to run with the idea.

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Speaker 1: Uh some of their ideas. Now. I don't think the

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Speaker 1: majority of the population would agree with how President Trump

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Speaker 1: is handling it, but they most agree that something's wrong. Now.

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Speaker 1: All of a sudden, though, people are realizing this is

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Speaker 1: a lot more complicated than NAFTA. There probably won't be

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Speaker 1: this quick easy win and how far could this escalate?

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Speaker 1: Most people, I think have this idea that once you

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Speaker 1: tear off all imports on both sides, as as far

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Speaker 1: as it could go. But that's not necessarily the case.

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Speaker 1: Right We've already seen some issues bubbling up in the

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Speaker 1: self China see rhetoric from UM Vice President Pence. Uh.

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Speaker 1: So people are realizing this could go further. Uh and

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Speaker 1: at some point right now, China has been very reactive.

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Speaker 1: At some point they could become more proactive. UM. The

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Speaker 1: issue we had the US had with ZT, a Chinese company,

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Speaker 1: we were going to stop allowing them to buy any

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Speaker 1: US inputs that could have potentially bankrupt a major Chinese

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Speaker 1: tech company. The thing is, if you flip it over

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Speaker 1: and let's say President She had issues with some US companies,

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Speaker 1: he has a lot more firepower than President Trump has

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Speaker 1: on going after these companies. So there's a lot of

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Speaker 1: ways this could escalate in ways that would be really bad.

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Speaker 1: And I think the market is now kind of getting

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Speaker 1: a sense of that, and those animal spirits are retracting

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Speaker 1: a little or going back in the hibernation at least

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Speaker 1: a little bit. And you saw some of that evidence

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Speaker 1: maybe in the GDP data. Mike, just quickly, when I

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Speaker 1: think of China and I try to research China perspective,

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Speaker 1: I go to China daily just to see what the

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Speaker 1: Chinese perspective is. There is nothing except a small link

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Speaker 1: to anything having to do with President j pinon President

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Speaker 1: Donald Trump discussing trade on this phone call. The big

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Speaker 1: issue is aid to private businesses, does China need a

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Speaker 1: trade deal? China certainly doesn't want to have to deal

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Speaker 1: with the headwinds of a trade war. While it's you know,

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Speaker 1: it's it's the leveraging agenda. We talked about this the

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Speaker 1: other day. Had a little bit more negative effect on

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Speaker 1: growth than people had been anticipating, and it especially hit

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Speaker 1: the private sector hard because they were trying to stamp

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Speaker 1: out the shadow banking sector, which they benefited the most.

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Speaker 1: So they don't want to double whammy of having to

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Speaker 1: deal with a trade war and the domestic factors. So yeah,

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Speaker 1: I mean, I think they do need a trade deal.

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Speaker 1: Mike McDonough always a pleasure. Your insights are very valuable.

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Speaker 1: We really appreciate you being here. Mike mcdonnah, chief economist

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Speaker 1: for financial products for Bloomberg LP, talking about President Trump's

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Speaker 1: wish for a draft of a potential deal with China.

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Speaker 1: This comes ahead of the midterm elections, did cause a

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Speaker 1: pop in markets, although it is sort of different from

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Speaker 1: some of the rhetoric that we have heard from him

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Speaker 1: of late, so perhaps that is what markets were responding to.

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Speaker 1: The topic is globalization and global growth as well as populism.

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Speaker 1: Earlier today we heard from Matt forest Or, the chief

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Speaker 1: investment officer of bn y Melon's Lockwood Advisors, and he

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Speaker 1: says the biggest investor worry is a global slowdown. Here

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Speaker 1: to tell us about some of the forces that may

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Speaker 1: be affecting the global economy is Barry eichen Green. He

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Speaker 1: is an economist. He is a historian and a professor

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Speaker 1: of economics and political science at the University of California, Berkeley,

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Speaker 1: and he joins us appropriately from Athens, Greece, whose citizens

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Speaker 1: have of course endured economic insecurity as well as a

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Speaker 1: political system which many call on responsive. His latest book

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Speaker 1: is entire The Populist Temptation, Economic Grievance and Political Reaction

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Speaker 1: in the Modern Era. Professor I can Green, thank you

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Speaker 1: very much for being with us. Do you believe that

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Speaker 1: we are at a historical turning point that cannot be

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Speaker 1: changed or are there still individual forces which can, in

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Speaker 1: a sense reclaim the promise of globalization? I think the

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Speaker 1: um existing global system, global supply chains, the global division

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Speaker 1: of labor exists for good reasons and are deeply entrenched.

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Speaker 1: So big corporations understand the advantages of globalization. UH, informed

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Speaker 1: leaders understand the advantages as well, and quite simply beating

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Speaker 1: back the forces of populism UH nationalist populism on the right,

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Speaker 1: anti elite populism on the left. Squires helping those who

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Speaker 1: can't help themselves who are being displaced by globalization. The

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Speaker 1: fundamental problem is that we don't do create adjustment assistance

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Speaker 1: in the United States, we don't do the right kind

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Speaker 1: of education and training in principle, UH, those are solutions

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Speaker 1: we could adopt, Professor I can. One reason why we

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Speaker 1: were sort of drawn to this question is because Richard

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Speaker 1: Jones of Bloomberg wrote a peace where he said that

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Speaker 1: populism is the biggest threat to markets, and certainly he

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Speaker 1: is not alone in feeling that we are watching the

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Speaker 1: beginnings of a complete upheaval of our sense of the

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Speaker 1: global economy. Do you agree we're certainly seeing that kind

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Speaker 1: of upheaval in the United States with President Crump's trade

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Speaker 1: wars and aggressive rhetoric toward China. UM. I'm not sure

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Speaker 1: how broadly based globally this reaction is. If you spend

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Speaker 1: time in Asia, you learn pretty quickly that not only

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Speaker 1: China and Japan, but all the Southeast Aation economies are

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Speaker 1: still deeply committed to globalization and they're not turning away

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Speaker 1: from it. Despite all the noise in Italy over nationalism,

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Speaker 1: and despite Brexit, I think there is also deep in

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Speaker 1: a and and dividing support for UH an integrated global

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Speaker 1: economy in Europe. We're going to have to see now

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Speaker 1: what happens in Brazil. The story is always changing, but

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Speaker 1: I think it's important not to over generalize from the

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Speaker 1: peculiar things happening at the moment in the US, Professor

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Speaker 1: I can Green, Do you believe that the power of

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Speaker 1: political reform is likely to change the outcome as you

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Speaker 1: describe it in the United States? I think political reform

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Speaker 1: could UH create an environment where people think that their

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Speaker 1: government is being more responsive and that it's managing globalization

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Speaker 1: in a way that benefits everyone and not only the elites.

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Speaker 1: But if you ask me what kind of political reform

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Speaker 1: are we talking about, then it becomes harder. Campaign finance reform,

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Speaker 1: reform of how congressional district lines are drawn. In California

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Speaker 1: we outsourced that to an independent commission, reform the electoral college.

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Speaker 1: Those would be major reforms. To put it mildly, you know,

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Speaker 1: very I have to wonder did we get globalization wrong?

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Speaker 1: I mean, is this a legitimate rejection of certain aspects

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Speaker 1: of globalization that we're seeing in the movements that are

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Speaker 1: sweeping the globe right now. I think that we forgot

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Speaker 1: some basic um lessons about globalization. We got overly caught

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Speaker 1: up and include the UH professional economists and academics among

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Speaker 1: those who committed the mistake. I don't let myself off

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Speaker 1: the hook. Uh. Globalization international trade doesn't automatically raise all boats.

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Speaker 1: It doesn't benefit everyone equally. It benefits some absolutely, and

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Speaker 1: there are others who are who lose. And the fact

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Speaker 1: that we forgot that last point, and that we didn't

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Speaker 1: put in place education, training, place based policies that would

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Speaker 1: help to compensate the losers or put them in a

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Speaker 1: position where they would also benefit from globalization. We forgot

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Speaker 1: that fact and we're now seeing the consequences to those

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Speaker 1: consequences also express themselves in things such as status anxiety

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Speaker 1: and questions of identity. I think all of these things

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Speaker 1: are UM wrapped up together. So UM. The political landscape

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Speaker 1: in the US at the moment is very, very complicated,

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Speaker 1: as everyone knows. But some of the same people who

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Speaker 1: feel left behind by globalization are UM are are are

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Speaker 1: similarly UH feeling that they are being left behind in

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Speaker 1: terms of identity, politics, and UM their status is being

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Speaker 1: threatened by immigrant groups and others. Well, I guess it.

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Speaker 1: I just want to quickly get from you a sense

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Speaker 1: of do you think that populism could actually be beneficial

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Speaker 1: at the sort of wave just pushed and not forget

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Speaker 1: people have been left behind, could actually make the economy

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Speaker 1: globally stronger. Well, if by populism you mean UH political

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Speaker 1: movements and leaders with authoritarian tendencies, then I would say no.

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Speaker 1: If you mean UH political leaders who make policy on

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Speaker 1: the basis of disinformation, I would say no as well.

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Speaker 1: But UM disenfranchised people are rightly unhappy by their disenfranchisements,

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Speaker 1: so to the extent that they become part of the

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Speaker 1: political UH represented and mains political mainstream again, that can

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Speaker 1: only be a good thing. Barry I. Can Green, Well,

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Speaker 1: let you go get your phone. Barry I. Can Green

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Speaker 1: is economic historian, professor of economics and political silence science

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Speaker 1: at the University of California, Berkeley. Joining us from Athens, Greece.

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Speaker 1: We really appreciate you taking the time. Apple shares plunging

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Speaker 1: today the most since April sixteen, down nearly six percent,

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Speaker 1: after reporting a weaker than expected forecasts for holiday sales

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Speaker 1: of iPhones and also removing detailed information about the number

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Speaker 1: of iPhones that they sell each quarter going forward. Joining

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Speaker 1: us now Michael Scanlon, portfolio manager MANU Life Asset Management

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Speaker 1: in Boston, Michael, what was your reaction to this report

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Speaker 1: and do you think that the market response right now

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Speaker 1: is proportionate, disproportionate or not enough? Sure? So the results

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Speaker 1: last night pretty strong, Um, you know, as certainly within

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Speaker 1: the range of general expectations that the street was looking for. Obviously,

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Speaker 1: the biggest surprise that most people are focused on is

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Speaker 1: this movement that they're gonna no longer disclose the unit

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Speaker 1: sales of their individual products, which certainly could introduce more

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Speaker 1: volatility to the the results going forward. So why do you

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Speaker 1: think they did this? Um, you know, I'm not really sure.

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Speaker 1: I think when when you think about it longer term,

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Speaker 1: I guess their their point of argument would be that

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Speaker 1: focusing on how many units of a device they're selling

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Speaker 1: every given ninety days is less important than the longer

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Speaker 1: term trajectory of the business. But again, when you're modeling

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Speaker 1: these companies on a quarterly basis, you know those are

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Speaker 1: certainly important inputs. Um. You know, a pessimist would tell

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Speaker 1: you that, you know, the expectations are the iPhone units

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Speaker 1: are going to slow further, uh, and that they don't

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Speaker 1: want to have that as a highlighted number. Um. So

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Speaker 1: it's definitely gonna introduce more volatility to results going forward.

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Speaker 1: You own Apple shares right in your portfolios? Yeah, within

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Speaker 1: the John Haycock Balance one. We've been a long term

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Speaker 1: holder of the stock. Does this quarterly report make you

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Speaker 1: less willing to add to your allocation currently? Well, it's

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Speaker 1: a position that we've held for a long time. Um.

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Speaker 1: I think when you look at the results, really, for us,

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Speaker 1: the big thing that we always come back to is

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Speaker 1: just the total return profile of the stock. You look

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Speaker 1: at last year with the amount of cash that they

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Speaker 1: kicked off, they bought back seventy two billion dollars of stock,

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Speaker 1: the share count was down over six percent year over year,

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Speaker 1: and going forward they're committed to bringing that net cash

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Speaker 1: balance down to zero. So you know, I think you

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Speaker 1: can get a very high single digit return just from

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Speaker 1: the capital return on the stock buying back about six

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Speaker 1: percent and a point and a half on the dividend

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Speaker 1: um and then more modest operating income growth going forward.

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Speaker 1: But you know, when you look at that versus expectations

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Speaker 1: for the market on a total return basis, it's still

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Speaker 1: pretty attractive. Okay, Well, I mean, um, all right, let's

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Speaker 1: move on to the information that they have reported or

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Speaker 1: will report they've got a new product category, right, this

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Speaker 1: category wearables, home and Accessories. They produced record quarter there,

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Speaker 1: four point two billion. What's your outlook for how fast

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Speaker 1: that unit can grow. Each incremental device, in addition to

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Speaker 1: just the pure revenue number of it is increasingly important,

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Speaker 1: right because we always talk about Apple with getting people

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Speaker 1: into this ecosystem, and you know, getting a person to

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Speaker 1: buy that first device and then the second device is

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Speaker 1: incrementally more important when you think about some of those

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Speaker 1: other devices and you think about the watch, I mean

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Speaker 1: that's becoming more and more of a focal point. Is

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Speaker 1: they've added to sort of the healthcare element of it,

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Speaker 1: and you know there's obviously a lot of talk with

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Speaker 1: this echo cardiogram functionality that they'll have within there. So

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Speaker 1: all these incremental devices just add to the bowl case

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Speaker 1: for Apple. And when you think about the refresh rates

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Speaker 1: and the customer loyalty levels that they experience, you know,

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Speaker 1: when you look at the company's revenue base and the

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Speaker 1: multiple verse the SMP, it doesn't seem to reflect just

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Speaker 1: how loyal their customers are. Well, Apple will ultimately be

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Speaker 1: a software company and a services company and not a

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Speaker 1: hardware company. At its heart. UH. You know, they're certainly

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Speaker 1: focused on the services today, right and they have that

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Speaker 1: goal of doubling the services revenue UM to by and

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Speaker 1: it looks like they're going to get there probably next year,

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Speaker 1: so about a full year ahead of expectations. UM. You know,

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Speaker 1: the the certainly slowed units in terms of the iPhone

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Speaker 1: units that are sold. But you never know what they're

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Speaker 1: working on, right There's been a lot of speculation over

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Speaker 1: the years, whether it's a TV or a car. You

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Speaker 1: never know what that next device might be. But right

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Speaker 1: now there is a lot of focuses on the focus

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Speaker 1: on that service side of the business. What is your

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Speaker 1: thought about the Apple Watch and you believe that that

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Speaker 1: will be a big money maker for them, Well, right now,

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Speaker 1: it's not a huge money maker for them. I think

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Speaker 1: longer term, the opportunity there is to UM you know,

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Speaker 1: along the line of what they've been doing with the

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Speaker 1: heart monitoring and now this fall monitoring UH as well.

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Speaker 1: You know, if they're able to to move closer in

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Speaker 1: relationships with insurance companies UH and you know, have subsidized

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Speaker 1: pricing for those units to get more of them actually

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Speaker 1: out there in circulation, then it could start to be

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Speaker 1: a big driver for them going forward. But today it's

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Speaker 1: just not a it's not as big of a focal

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Speaker 1: point for investors as things like the iPhone units are

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Speaker 1: iPhone e sps are. So Apple shares are seeing their

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Speaker 1: biggest declient at least in the initial hour of trading

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Speaker 1: since two thousands sixteen. Is this a buying opportunity? Well,

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Speaker 1: when you look at the stock, I mean, you know,

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Speaker 1: Apple is going to be out there buying the shares again.

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Speaker 1: They've committed to getting that hundred and thirty five billion

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Speaker 1: dollars or share of a hundred thirty five billion dollars

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Speaker 1: of cash or about twenty bucks a shared down to

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Speaker 1: a net zero. Uh. So they're going to be buying

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Speaker 1: back an extraordinary amount of shares. I'm not surprised to

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Speaker 1: see the stock week on the open here. Uh And

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Speaker 1: again that's just reflective of UM a little bit softer

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Speaker 1: guide on the top line for next quarter and this

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Speaker 1: new call it volatility that could be introduced to the

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Speaker 1: results as as they're no longer just going to disclose units.

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Speaker 1: Michael Scanlon, thank you very much for spending time with us.

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Speaker 1: Michael Scanlon is portfolio manager for Manu Life as said management.

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Speaker 1: They're based in Boston. The topic, of course Apple and

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Speaker 1: the shares of Apple right now is least was saying

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Speaker 1: down more than six per cent, Apple saying that they

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Speaker 1: are no longer going to report unit sales of iPhones.

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Speaker 1: Joe Meisack, the editor for the Bloomberg Brief on Municipals,

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Speaker 1: joins us now in our Bloomberg Interactor broker's studio Joe

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Speaker 1: Mysak four days, one hour, forty minutes to the mid

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Speaker 1: term elections. Are municipal bond markets ready for the outcome

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Speaker 1: of those elections? Well? Sure, plus we have the bond elections. PIM.

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Speaker 1: Come on, Well, that's what I'm asking about. Billion dollars

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Speaker 1: in municipal bonds on ballots, which is, you know, not

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Speaker 1: the record for the general election. That's a little over

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Speaker 1: eight billion, but it's still pretty good and it shows

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Speaker 1: you that municipalities are really serious about getting back to

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Speaker 1: WRK Okay. So just get a little bit more specific here.

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Speaker 1: So basically, municipalities are saying to voters, please sign off

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Speaker 1: on these projects and say that you'll pay for them,

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Speaker 1: and you'll be willing to fund the assessments that come

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Speaker 1: along with them. Uh, and then we'll go ahead and

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Speaker 1: make improvements. Can you give us a sense of what

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Speaker 1: some of these projects are and where they are? Okay,

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Speaker 1: in in Colorado, for example, there they have a couple

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Speaker 1: of transportation, big roadway issues. But I was struck when

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Speaker 1: I took a look at the list from I pre oh,

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Speaker 1: the guys who put together how many deals and how

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Speaker 1: much borrowing is for schools? So much is for school construction,

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Speaker 1: school renovation, pools, athletic facilities, so much for children's hospital,

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Speaker 1: high schools. Uh, that's really the you know, and that

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Speaker 1: that's usually what we see to schools, that's what people

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Speaker 1: are spending money on, and that's what people are there,

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Speaker 1: what governments are asking people to spend money on. It's fabulous.

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Speaker 1: And the states where we're seeing most of this potential

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Speaker 1: issuance California, Texas, California, Colorado, Texas. You know, but let's

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Speaker 1: step back here just a bit, because we talked about

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Speaker 1: seven year, six billion dollars, and of course it never

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Speaker 1: all comes to market the year after that. It takes

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Speaker 1: municipalities and states years to go through their authorized but

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Speaker 1: unissued amounts. Uh. So you know, it's not as though, oh, yeah,

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Speaker 1: we're gonna see this big bumpet volume. Next year we'll

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Speaker 1: probably see a big bumpet volume anyway, because we're what

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Speaker 1: about probably wind up the year it over three d

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Speaker 1: billion billion. Maybe next year we'll see wouldn't be surprised

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Speaker 1: four hundred maybe. Um So why why now? Why are

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Speaker 1: we seeing so many, so many projects like this being floated?

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Speaker 1: Now you know there's a boom going on out there,

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Speaker 1: although you may not know it. This has been our theme,

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Speaker 1: I want to say, for the last two years, where

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Speaker 1: so many municipalities are putting you know, they're going after

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Speaker 1: with hammered tongs, either economic development projects or roadways or

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Speaker 1: bridges or sewers or sidewalks. Their new issuance is up

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Speaker 1: this year. The thing that we saw take a hit

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Speaker 1: out of the market is when Congress did away with

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Speaker 1: advance of fundings. Otherwise, municipalities are after, you know, the

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Speaker 1: longest time of being down because of the financial crisis.

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Speaker 1: They're really back to it and building stuff. So I

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Speaker 1: think at one point earlier this year new issue volume

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Speaker 1: solely new money being raised was up. Something which is

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Speaker 1: astounding in the muni market is this because states are

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Speaker 1: confident about their tax collections and that's connected to the

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Speaker 1: job market, I would I would say, so sure, they're

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Speaker 1: more they're more buoyant, upbeat about the state of affairs.

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Speaker 1: And you know, it's funny. Back in the seventies, for example,

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Speaker 1: you remember PIM the the electorate was not very approving

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Speaker 1: of bond issues and so many of them went down.

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Speaker 1: But for the last I want to say, um, twenty years,

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Speaker 1: we've seen the electorate in a much more approving uh

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Speaker 1: uh attitude toward bond issues. So I wouldn't be surprised

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Speaker 1: if on Tuesday we see the approval ratio on these

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Speaker 1: bond issues more. Just real quick, I'd love to get

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Speaker 1: your thoughts on the healthcare bill coming due for New

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Speaker 1: York City, considering the fact that it hits pretty close

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Speaker 1: to home all the other post employment benefits story by

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Speaker 1: Martin Braun. Well, you know these other post employment benefits,

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Speaker 1: you don't you pay for them over time, and so

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Speaker 1: many municipalities, just like New York City, don't really put

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Speaker 1: aside a lot of money for them. They just know

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Speaker 1: they're gonna, you know, as the bills come in, that's

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Speaker 1: when you pay them. Some municipalities are starting to uh

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Speaker 1: you know, reserve and set aside lots of money for

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Speaker 1: these things, but other post employment benefits. It's one of those.

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Speaker 1: It's almost like a shadow number. Just to give a

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Speaker 1: little more color to that New York City needs to

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Speaker 1: end up or potentially could pay health costs for its

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Speaker 1: entire workers of a hundred and three billion dollars, which

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Speaker 1: is an increase of forty billion over a decade. And

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Speaker 1: how much has it set aside for that bill five

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Speaker 1: billion dollars, So that shortfall needs to get bridged at

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Speaker 1: some point, uh, and could potentially be a problem. Well,

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Speaker 1: you know, New York City has such a it's such

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Speaker 1: a robust economy and such a such a strong tax base. Uh.

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Speaker 1: You know, May I tend not to get too excited

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Speaker 1: about the open but that's me. Well, Joe Meisac, it's

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Speaker 1: just you, but we really appreciate your ideas. Joe Meisac

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Speaker 1: is the editor for the Bloomberg brief to focused on

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Speaker 1: musivals and has been in this market for decades, so

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Speaker 1: we actually do really value his views on all of

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Speaker 1: these things. We really appreciate you being with us the

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Speaker 1: conclusions just to get exercise. Uh. Nice and Lisa rom

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Speaker 1: when it's along with my co host and colleague pim Fox,

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Speaker 1: and this is Bloomberg. Thanks for listening to the Bloomberg

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Speaker 1: P and L podcast. You can subscribe and listen to

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Speaker 1: interviews at Apple Podcasts, SoundCloud, or whatever podcast platform you prefer.

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Speaker 1: I'm pim Fox. I'm on Twitter at pim Fox, I'm

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Speaker 1: on Twitter at Lisa, I'm Allo. Its one before the podcast.

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Speaker 1: You can always catch us worldwide on Bloomberg Radio